Bitcoin Price Rally Runs out of Steam, LTC Keeps Surging

Bitcoin, the flagship cryptocurrency, has recently seen its price drop to little over $3,900, as the rally that saw it rise well over 10% in a few days has seemingly started stalling. Some analysts believe remaining at this level would still be a bullish sign.

According to CryptoCompare data, BTC has recently managed to surpass the $4,000 mark for the first time in six weeks, but its price started dropping soon after. At press time, BTC is trading at $3,950 after losing 0.6% of its value in the last 24-hour period.

Bitcoin's price performance in the last 24-hour period

Other cryptocurrencies, including Litecoin, EOS, Bitcoin Cash, and Ethereum, have also seen their prices rise this week. What exactly was behind the crypto market’s rally is unclear. Some have claimed mainstream investors are entering the market, while others have pointed to JP Morgan’s JPM Coin as a reason for the rally, claiming it was a delayed reaction.

Institutional investors are believed to enter the market once a bitcoin ETF is approved. Currently, the SEC has two proposals on the table. The rally, however, is noticeably stalling, as most cryptos are down for the day, with the exception of a few, including Binance Coin, thanks to the launch of the Binance DEX’s public testnet.

Litecoin, a cryptocurrency seen as the silver to bitcoin’s gold, is notably up over 6% in the same period. Behind its rise appear to be groups on Chinese social media platform WeChat, which have reportedly been constructing a narrative around Litecoin’s halving event, expected to arrive in 168 days.

Although the crypto market rally is losing steam, most appear to remain bullish. According to a poll conducted by eToro senior market analyst Mati Greenspan, out of 355 respondents 30% believe cryptocurrencies will continue surging, while only 14% see it sustain current levels.

About 27% claimed the crypto market will retrace back to its lows, while 29% admitted they don’t know what’s going on, or just voted to see the results. Speaking to CryptoGlobe, Greenspan noted he also isn’t sure where the market is going.

Nevertheless, he noted that a retracement would be normal after such a price rise, although sustaining current levels for a few days would be a “very bullish sign.”

After this type of price move a retracement would certainly be normal, but if it even just sustains these levels for a few days it would be a very bullish sign indeed.

Despite the recent pullback, positive news have kept on coming. Elon Musk, a co-founder of PayPal and the CEO of Tesla and SpaceX, has recently revealed he believes bitcoin is “quite brilliant,” and also gave Ethereum some merit. Bitcoin’s rally has seen it get on track to record the first green monthly candle in over six months.

Travala’s Token AVA Jumps Following Announcement of Partnership with Expedia

Michael LaVere
  • Binance-backed cryptocurrency travel booking platform Travala has announced a partnership with Expedia Group.
  • Travala's native token AVA appreciated more than 20 percent following the announcement.

The Binance-backed travel booking website Travala has announced a new partnership with the online travel agency Expedia Group. 

According to a press release published July 6, Travala and Expedia have joined forces to offer consumers a frictionless cryptocurrency travel-booking experience. The release claims more than 700,000 Expedia Group hotels and accommodations have been made available via Travala.com, in addition to the platform’s existing 2 million hotels across 230 countries. 

Juan Otero, CEO and co-founder of Travala, said the new partnership reflected the rise in popularity for cryptocurrency. He also explained that consumer travel was on the rise following months of COVID-19 imposed shutdown. 

He said:

Our latest month-on-month data shows consumer confidence and the desire for travel is returning, with an 81% increase in room nights booked and website traffic up 50% week-on-week.

Binance CEO Changpeng Zhao said Travala had proven its ability “to build a world-class travel booking platform” and was excited by the partnership with Expedia. 

AVA, the native token for Travala, underwent a subsequent price increase following the announcement. As of writing, the coin has appreciated more than 20%. 

Altcoins Move up as Bitcoin Stalls

The AVA token is not the only in the cryptocurrency space growing exponentially so far this year. While the price of bitcoin has been range-bound moving between $9,000 and $10,000 since the beginning of May, various altcoins have been moving up.

Over the last 6 months, the price of BTC is up little over 13% according to CryptoCompare data, while other altcoins have been moving up. Most of these are related to the decentralized finance space, or to blockchains launching new products or announcing specific partnerships.

VeChan's VET, for example, surged after it was announced VeChain was attending the World Artificial Intelligence Conference 2020, hosted by the Shanghai Municipal People's Government. The conference will also be attended by Microsoft, Alibaba, Tencent, Huawei, and Amazon. One VET is changing hands for $0.0148, up from $0.,0055 in January.

As CryptoGlobe reported, Kyber Network's KNC tokens have risen over 650% year-to-date thanks to the upcoming Katalyst update, which will allow token holders to earn ETH rewards while participating in governance by staking their tokens. 

Another altcoin that moved up significantly is OKEx's OKB cryptocurrency. The token, which gives various advantages to the bitcoin exchange's users, is up 74% over the last six months, going from $2.78 to $5 at press time.

day_CryptoCompare_Index_OKB_USDT_231_11594045158429.pngSource: CryptoCompare

OKEx's OKB isn't tied to decentralized finance protocols, which Waves CEO Sasha Ivanov warned could be turning into the  next ICO bubble, but is instead tied to one of the leading crypto exchanges in the world. 

Decentralized finance protocol Aave has also seen the price of its LEND token surge so far this year. While in January the tokens were trading at $0.017, they are now $0.175 -- a 750% increase.

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